When the last lockout began in 2004, the Canadian dollar was worth about 77 cents U.S. and had hovered in the low 60s just a year earlier.
By 2007, however, a little more than two years into the new collective agreement, the Loonie had soared past parity, where it remains to this very day.
The impact of six strong Canadian franchises all taking in dollars for par has had a dramatic impact on league revenues in the post-lockout era. Replacing the low-revenue Atlanta Thrashers last season with the re-born Winnipeg Jets only added to this dynamic.
Over the same period, the NHL has improved its lot in many of its key American markets such as Los Angeles, Boston, Chicago, Pittsburgh and Washington with revenue growth in those cities outpacing that in the NHL's weaker American markets.
Naylor: Key to ending lockout is helping small market teams